REAL ESTATE PURCHASE AGREEMENT TEMPLATE
This Real Estate Purchase Agreement Template is between a seller and a buyer who agrees to purchase real estate property from the seller.
This Agreement will prove of extreme importance in case there are misunderstandings or disputes between the buyer and seller regarding the purchased property.
Every state have different set of laws concerning buying or selling real estate. It is recommended that you secure the assistance of a licensed real estate attorney to draft the terms of this or any legal document you find on the Internet. Make sure the Purchase Agreement Template you use is accepted in your state of residence.
The purchase agreement template describes the intent of purchase and also the:
- Purchase price and how it is to be paid
- Parties (names and addresses of the buyer and seller)
- Conditions of the agreement
- Legal description of the property
- Escrow account handling
- Effective date
- Location of property
- Condition of the property at the time of closing
- Financing arrangements
- Expenses to be paid (property taxes, closing costs, utilities and insurance)
- Term and termination
- Specific details of the transaction
- Representations and warranties of both buyer and seller
- Condition of the property
- Sales agent and commission
- Non-solicitation and non-competition clauses (optional)
- Unresolved disputes shall be handled by mediation/arbitration
- Any additional clauses
- Signatures (buyer, seller and any co-owner)
REAL ESTATE PURCHASE AGREEMENT TEMPLATE
AGREEMENT between _______________________________________ (SELLER) residing at _______________________________________________________ (Address) and _________________________________________________ (BUYER) residents of _________________________________________________ (Address)
BE IT KNOWN, the undersigned ___________________________________________ (BUYER) offers to purchase from _______________________________________ (Owner), real estate known as _____________________________________________ City/Town of _________________________, County of ________________________, State of _____________________________, and legally known as: __________________________________________ and containing ____________________ square feet of land, more or less.
BUYER offers to buy for the sum of $ _________________ Deposit herewith paid: $ ________________ Upon signing sales agreement: $ ________________ Balance at closing: $ ________________ Total purchase price: $ ________________
This offer is subject to BUYER obtaining a real estate mortgage within ___ working days of the acceptance of this offer, for no less than: $_________________________ payable over _______ years with interest not to exceed _____% at customary terms within ____________ days from date hereof.
Should the BUYER’s loan application be denied, the BUYER shall have the option, within ___ business days to rescind this transaction. BUYER shall receive any deposits made from SELLER, If BUYER elects to rescind the transaction,
SELLER will deliver a Warranty Deed at closing. Buyer will deliver the full purchase price at closing less down payments deposited in escrow upon execution contingent upon Buyer's ability to obtain a loan mortgage from a lender in the amount of $________________ representing the difference between the full purchase price and any down payments.
The broker to this transaction is _____________________________ who shall be paid a commission of _______________ by SELLER upon closing.
This offer is further subject to BUYER obtaining a satisfactory home inspection report and termite/pest report within ___________ days from date hereof. Said property is to be sold free and clear of all encumbrances, by good and marketable title, with full possession of said property available to BUYER.
The parties agree to negotiate in good faith the value of repairs, if any, needed and discovered by the inspection. The value, once settled, shall come off the purchase price. The parties agree to give a 3 (three) day window for this process. If BUYER and SELLER are unable to settle in the three day window, the BUYER may terminate the agreement for a full refund of the deposited money.
The parties agree to execute a standard purchase and sales agreement on the terms contained herein, within _____________________ days.
The closing shall be on or before _____________________,____ (month & day), ____ (year) at the deed recording office.
SELLER will pay all delinquent taxes prior to closing.
SELLER will pay any existing assessments, sidewalk repairs, or liens which are due and payable on the property on or before the tentative closing date.
The SELLER shall maintain the property and all improvements in the same condition as that which exists on the date of acceptance of this agreement, and shall deliver the same to the BUYER in the same condition, ordinary wear and tear excepted.
The following closing costs will be paid by SELLER: _______________________________________________
_______________________________________________
The following closing costs will be paid by BUYER: _______________________________________________
_______________________________________________
EVIDENCE OF TITLE: in the form of a title search and owner's policy of title insurance, will be furnished by Seller, and shall be subject to the approval of the Buyer. A preliminary binder shall be provided to Buyer, for his review and approval, 48 hours prior to closing.
This Purchase Agreement Form Agreement shall be governed by and construed in accordance with the laws of the State of ______________________.
This offer shall expire unless accepted by ______ p.m. on ___/___/___.
Signed this _______ day of ____________________ (month), _______ (year).
In the presence of:
__________________________________ Broker
__________________________________ Witness
__________________________________ Witness
__________________________________ BUYER
__________________________________ SELLER/OWNER
ACCEPTANCE OF REAL ESTATE PURCHASE AGREEMENT OFFER
I, the undersigned Seller(s) have read, understand and verify the above information as being correct and accept the offer set forth above; agreeing to sell the herein described property on the terms and conditions herein specified and acknowledges receipt of a signed copy.
Dated: ___/___/___
__________________________________, SELLER/OWNER
Witnesses as to Seller’s acceptance: _____________________
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DISCLAIMER: LegalHandle.com purchase agreement template provides internet content that is designed only to entertain and inform and is not to be considered professional law/legal advice. Consult a licensed attorney or law firm in your State of residence who will advise and answer all your questions and concerns about any legal issues you may have.
